Pump.fun whales have sent over $160 million in tokens to exchanges as PUMP drops below its ICO price, triggering fears of a broader memecoin market correction.
Private sale investors of the Pump.fun (PUMP) memecoin started offloading billions of tokens to exchanges, raising concerns of a sell-off as the token drops below its initial sale value.
Blockchain analytics firm Lookonchain flagged that two early backers of the memecoin token, labeled in Solscan as “PUMP Top Fund 1” and “PUMP Top Fund 2,” collectively sent over $160 million in PUMP tokens to centralized exchanges.
During the private sale, the Top Fund 1 wallet acquired 25 billion tokens for $100 million in USDC (USDC). In the last week, the wallet deposited 17 billion tokens worth nearly $90 million to exchanges. While the whale started offloading, it still holds tokens worth $29.5 million.
